Member, Official Creditors Committee of General Growth Properties, Inc.
Manewitz Weiker was selected by a hedge fund to act as the Creditor Committee Representative of a publicly traded real estate investment trust that owned, developed, and operated major shopping malls throughout the U.S. and Latin America.
During the pendency of our committee membership, we acted as:
- Tri-Chair of the unsecured creditors committee
- Fee Examination committee member
BENEFIT TO OUR CLIENT: Manewitz Weiker was able to take possession of all material non-public information under a Court approved protocol, which resulted in the Court granting our client a Trading Order. This Order permitted our client to remain unrestricted in the trading of the GGP securities they held.
Independent Member, Post-Chapter 11 Trust Advisory Board of Advanta
A Manewitz Weiker principal was selected as Independent Board Member of the post-Chapter 11 Trust Advisory Board formed to recover assets of the estate. The debtor was once one of the largest issuers of credit cards in the U.S. in both the consumer and small business markets. Our role involved active engagement in the oversight of liquidation and litigation strategy for the post-Chapter 11 estate consisting of seven liquidating trusts, assuring that appropriate and cost-effective measures were taken to marshal post-Chapter 11 assets for the benefit of creditors.
Manewitz Weiker’s participation in the wind-down process included:
- Evaluation of litigation strategies (preference actions, fraudulent conveyance, and insider trading claims)
- Placement of D&O insurance
- Claims valuation
- Timing of disbursements
- Managing professional fees
BENEFIT TO OUR CLIENT: The trust successfully recovered funds from other financial institutions, former management, and the IRS. Recovery to creditors was cost-effective and exceeded expectations.
The Creditors of a high profile U.K. real estate conglomerate under Administration engaged Manewitz Weiker to wind down its New York commercial real estate subsidiary. We acted as Wind-Down Officer and Sole Director post a U.S. bankruptcy filing to oversee liquidation of company and satisfaction of outstanding claims.
Manewitz Weiker management responsibilities included oversight of:
- True-up of assets under sale agreement
- Development of litigation strategies
- Collections from tenants
- Filings for the bankruptcy court
- Company’s accounting firm’s work to finalize and file all tax returns
- Company’s counsel’s work to finalize and file final dissolution papers
- Professional fees of counsel, real estate professionals, and other advisors
BENEFIT TO OUR CLIENT: Outcome was the successful winding down of the company and liquidation of remaining assets in a time sensitive manner. The wind-down arrangement saved the client considerable expense as a formal trust was not required and all of the matters were handled by Manewitz Weiker staff.
A Manewitz Weiker principal was engaged as the Lead Director of a commercial real estate company.
Board Member responsible for corporate governance including:
- Negotiations with past management (fraud issues)
- Global settlement with mutual releases
- Oversight of sale process
BENEFIT TO OUR CLIENT: Timely satisfaction of debt and a recovery that exceeded expectations.
A Manewitz Weiker principal served on the board of a multinational financial guaranty company that emerged as a highly undercapitalized monoline insurance company.
Served on the following Board Committees:
- Risk Management
- Strategic Planning
BENEFIT TO OUR CLIENT: Through operational and financial improvements, the company underwent a remarkable recovery, such that alternate options for enhancing shareholder value could be explored.
Education, Training & Coaching
In conjunction with the Turnaround Management Association, Manewitz Weiker developed a graduate level course for Pace University on the business aspects of corporate workouts, restructuring and bankruptcy. The course engaged well-known professionals in the industry including financial advisors, investment bankers, judges, and attorneys.
BENEFIT TO OUR CLIENT: The course was extremely well received by the Pace graduate business school faculty and students. The restructuring course will be offered once again to second-year MBA students.
A major rating agency retained Manewitz Weiker to deliver a program for its analysts, which addressed the business aspects of a company in decline and took participants through the issues a company and its respective creditors may encounter as it begins to miss rating expectations, goes into restructuring and/or bankruptcy.
BENEFIT TO OUR CLIENT: Rating agency analysts were better equipped to understand underlying issues companies encounter subsequent to missed expectations and earnings decline.
MWA has been retained by financial advisors and law firms interested in training associates in important aspects of business development. Courses entitled Networking for Restructuring Professionals and Rainmaking for Restructuring Professionals provide practical knowledge to enhance business development.
BENEFIT TO OUR CLIENT: Younger associates and mid-level managers have been given important business development tools enhancing the reputation of the respective individual and firm.